ANDEAN AMERICAN MINING REPORTS THIRD QUARTER FINANCIAL RESULTS

VANCOUVER, BRITISH COLUMBIA-Andean American Mining Corp. (TSX.V-AAG) (FWB-AQN)-(all figures in Canadian dollars, unless otherwise noted)

The Board of Directors of Andean American Mining Corp. reports on its Consolidated Interim Financial Statements and Management Discussion and Analysis for the quarter ended December 31, 2009.

Highlights:

Financial:

• The net income for the period was $909,832 or $0.01 per share compared with a net loss of $510,954 or $0.01 per share in the comparable period last year.

• General and administrative expenses and direct operating costs decreased over the same period in the prior year, while foreign exchange gain increased over the comparable period. This decrease was offset by increases in foreign exchange due to the fluctuation between the Canadian and US dollar.

• The loss from operations in this quarter amounting to $67,414 compared with a loss of $371,659 in the comparable period last year was primarily due to a decrease in direct operating costs and stock based compensation.

• Cash flow provided from (used for) operations in the three months ended December 31, 2009 before changes to non-cash working capital was $270,554 compared with ($164,622) in the comparative period for 2008.

Operational:

• The Company received an updated NI 43-101 compliant resource estimate incorporating an additional 2,000 metres of drill results. Qualified Person Victor Jaramillo, P.Geo., of Discover Geological Consultants, Inc. is the author of the report. In addition, the Company is working on an optimized feasibility study demonstrating the applicability of the finalized flow sheets including improvements to the CAPEX, OPEX and the Economic Model.

• The Company filed the Invicta Project Feasibility Study on SEDAR, following an audit by the Lokhorst Group Ventures Inc. The Feasibility Study involved an extensive analysis of all aspects of the project and resulted in a robust financial model with a strong cash flow using conservative metal prices. The Study reports an operating cost for the mine and plant of 28.92 USD/t and a capital cost of USD 65.3 million. The sum of the 5-years bulk revenue is USD 600.1 million and net profits are USD 185.3 million, with a gold base price of USD 900/oz and copper base price of USD 2.00/lb. The Net Present Value at 11% discount rate of the 5-year free cash flow net of debt amortization amounts to USD 159 million in the base case scenario. The Company expects pre-production mine development to take approximately 15 months from project initiation. On August the 7th, 2009 the Company announced a financial advisory agreement with WestLB for the Invicta Mining Project. On February 10th, 2010 the Company signed a joint lead mandate with Barclay’s Capital and WestLB to provide US$68 million in senior debt finance to the Invicta project, subject to due diligence.

• At the Sinchao Project an initial resource estimate was calculated during fourth quarter of 2008. The NI 43-101 compliant resource estimate was completed using 42 diamond drill holes. An inferred resource of 237 million tonnes grading 0.47% copper, 0.49 g/t gold and 12.1 g/t silver was estimated using a 0.27% copper cut-off. This inferred resource is within a larger inferred resource of 416 million tonnes grading 0.36% copper, 0.33 g/t gold and 9.2 g/t silver at a 0.13% copper cut-off. A recent re-interpretation of the property geology indicates that less than 15% of the mineralized zones have been tested to date. The geological potential for additional resources at the Breccia and Skarn Zones has been estimated to range from 400Mt to 1,600Mt.

• The Company has exploration programs planned for Sinchao and Invicta. Strategic partners may be involved. Less than 5% of Invicta and 15% of Sinchao has been drilled to date.

The complete Management Discussion and Analysis and Financial Statements will be filed with SEDAR at www.sedar.com. For further information call (604) 681-6186 or toll free: 1-888-356-4784 or visit our website at www.andeanamerican.com. Andrew Gourlay, P. Geol., Geological Consultant, is the Qualified Person for the technical disclosure in this news release.

On behalf of Andean American Mining Corp.,
“John Huguet”
John Huguet
Chairman & CEO
Andean American Mining Corp.
T:604.681.6186 F:604.681.3652 E: investors@andeanamerican.com

Andean American Mining Corp. (TSX.V:AAG) (FWB:AQN) is an international mining and exploration company focused on growth. The Company is actively pursuing new targets of potential early stage gold and silver prospects in Peru and currently has two key assets: the 28,200 hectare Invicta gold-silver-copper advanced exploration stage project; 59% of Sinchao Metals Corp., owner of the Sinchao zinc-copper-silver-gold-lead mineralization project. For further information call (604) 681-6186 or toll free: 1-888-356-4784 or visit www.andeanamerican.com.

This news release may contain forward-looking information within the meaning of the Securities Act (Ontario) ("forward-looking statements"). Such forward-looking statements may include the Company's plans for its mineral projects, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of gold and other metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Financial Statements, Management Discussion and Analysis and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by the inability to obtain required environmental and other regulatory approval, environmental or operating permits. The estimate may also be materially affected by global economic conditions such as the price of gold and silver, the price of oil and other commodities utilized in the production of gold and silver. Unknown geologic or hydrologic conditions or other unknown factors may materially affect the resource estimates.

This document may use the terms "measured resources", 'indicated resources' and 'inferred resources'. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, 'inferred resources' have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. The quantity and grade of the potential mineralization is conceptual in nature, and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the targets being delineated as mineral resources.